SBI Extends Mega Property Auction Due to Heavy Demand

Mumbai: Country's largest lender SBI, which today began an e-auction of a large chunk of its distressed assets, has extended the bidding time by an hour due to higher demand.

In a first-of-its-kind move, SBI has put on block around 300 properties worth Rs 1,200 crore, which includes offices, shops, factory buildings and residential apartments, through an e-auction. The bank had put out a public notice on Thursday.

"Due to heavy traffic, the site has become slow and we don't want anyone to miss the chance. Earlier, the bidding time was till 5 PM and we are now going to extend it by an hour," SBI deputy managing director, stressed assets group, PK Malhotra told PTI.

The bank is selling these distressed properties through the realty portal Magicbricks.com and is conducted by e-procurement solutions providers C1 India and Auction Tiger.

Out of the 300 assets being sold, 100 are the residential properties, he said.

The lender has put on sale distressed properties from 25 cities, including four major metros.